There are now more negative factors for the housing market than at anytime in a number of years, says Miller Tabak & Co. noting that these pressures will likely reduce speculative fervor.

THERE ARE NOW MORE NEGATIVE FACTORS for the housing market than at anytime in a number of years. Pressures are coming to bear that are likely to reduce the speculative fervor that has contributed to the recent surge in home prices.

These conclusions might seem odd in the face of the continued low level of mortgage rates, but they fit well with...